The world’s largest non-Chinese rare earths miner is raising more than $500mn to expand operations and target stakes in US magnet makers, as western governments try to curb Beijing’s influence on global supplies of critical minerals.
Australia’s Lynas, which has mines in Western Australia and a refinery in Malaysia, said on Thursday it was raising A$825mn (US$538mn) in equity to grow its stockpiles and capacity and invest in “downstream” magnet makers in Malaysia and the US. Rare earths are used to make permanent magnets in weapons systems, electric vehicles, medical equipment and even bicycle frames.
“We want to be able to participate, either on an operational or a supply or an equity basis in this part of the supply chain,” said Amanda Lacaze, chief executive of Lynas, during an investor call on Thursday.